2015 was a year of many numbers, changes, innovations, and upsets. Every year has their fair share, but employee incentive plans had some rather successful innovation in 2015.
Here are 25 mind blowing employee incentive statistics from last year:
- Wellness Programs: In 2015, 87% of employers offered either incentives or disincentives in regard to wellness programs. Wellness of the body is good for the mind, and increases productivity and focus.
- Disease Management: 31% of employers offered incentives for programs of the disease management variety.
- Increased Wellness-Based Incentives: In 2015, employers paid out an average of some $693 to employees for wellness-based incentives. That’s up from $260 in 2009, meaning wellness-based incentives have more than doubled in the last six years, increasing by a factor of 1.66, or 166%.
- Financial Wellness: It’s hard to be focused and productive when you’re so worried about making ends meet that you can’t concentrate on the task at hand. Employers have noticed this, and begun putting together incentive programs designed specifically to help ensure employees’ financial well-being. 93% of surveyed employees said that should such measures be applied, they’d definitely think of expanding their financial consciousness beyond retirement. Specifically, employees were interested in management and investment, and incentive programs were designed to help encourage them that direction.
- Biometric Outcomes: 1 in 5, or 20%, of employers that have at least 200 employees will either reward or penalize employees based on their biometric results. As employee solutions go, negative programs usually underperform positive ones; but there are exceptions to every rule.
- Big Companies Also Do Biometric Incentives: 27% of companies that employ 5,000 or more employees offer biometric incentives.
- EEOC Rules and Limitations: EEOC regulations allow United States employers to award their workers with up to 30% of the cost involved with benefits hailing from health insurance.
- Communication Is Key: A recent RAND Corporation study found that while 85 percent of U.S. employers with 1,000 employees or more offered some form of wellness program, only 60 percent of employees at these companies were even aware that the program existed.
- Remote Workers: According to a 2015 Analysis, in 2016 sixty-three million Americans will work remotely. That’s approximately 21% of the total US population, or a little over 1 in 5.
- Health = Wealth: Johnson & Johnson estimated that their wellness programs saved them $250 million on healthcare costs over the last decade.
- Engagement Tools: 35% of Best-in-Class businesses plan to implement new employee engagement tools in the coming year, compared to only 27.1% of All Others.
- Build a positive company culture: Companies that executed a formal, planned-out employee engagement program reported a 64% greater increase in the level of employee engagement than those without one.
- Consumer Loyalty: Among the top 100 Consumer Packaged Goods (CPG) brands in the US, 45% of their consumer base was retained between 2014 and 2015. Often this had to do with cogent customer loyalty programs, and developing such programs makes a lot of sense. Rewards programs are psychologically stimulating in a way that some have described as Pavlovian.
- Meeting Expectations: In 2015, almost eighty percent (78.7%) of incentive programs met the proper expectations.
- Exceeding Expectations: Also in 2015, 12.8% of incentive programs successfully exceeded expectations.
- People Don’t Always Want The Benjamins: As it turns out, cash is not always the incentive reward of choice among employees. The IMA (Incentive Marketing Association) did a study which found 65% of employees preferred non-cash incentives.
- Incentive Travel: Incentive travel is used by 46% of United States’ businesses. While this travel is usually a consequence of some consumer rewards program, the same kind of incentives can be applied in the workplace. The incentives of the traveling agencies in question can be put toward employee vacations in order to diminish the cost of providing incentives through direct monetary award via company funds.
- Incentive Engagement On The Increase: According to a recent Gallup poll, employees actively engaged with employers via incentive programs of some variety are up .5% since 2014 to 32%.
- The Cost of Turnover: Every year, according to the most recent figures, roughly $11 billion is lost due to employee turnover. Incentives are a great means of curbing this loss.
- Employee/Customer Engagement: Every other company fails to measure engagement between employee and customer, or employee and brand. 50% is quite a large statistic for something as basic as this.
- Incentives Give Millennial Employees Reason to Stay: Millennials are at an age where they’re finding what career will define them going forward. As a result, most view their current occupation as transitory. In fact, 44% of millennials actively seek to pursue additional career opportunities over the next two years. Incentive programs can help reduce that statistic.
- Geography Matters: The West improved engagement while other regions declined. While 75 percent of the cities measured saw engagement levels decline, those in the West actually improved, following the South as the second most engaged region with 65.2 percent of employees engaged.
- Rising Healthcare: The costs of healthcare have risen about 6% over the past two years, meaning that an incentive program which helps an employee with their medical/health expenses is going to be very valuable to them, and will likely contribute to retention.
- Millennials thinking transition: Believing the organization will be successful in the future has been a top three driver for employees 35 years old and older, while millennials have ranked it much lower (10th in 2013), preferring items related to personal development.
- Most Popular Incentive Programs Among Employees: Over 65 percent of participants strongly agree that both travel and merchandise awards are remembered longer than cash payments. Employees like their incentive programs, and having a system in place is a proven way to ensure increased retention in 2016/2017.
About Strategic Incentives: Strategic Incentives is a leading nationwide provider of employee motivation programs. The company works with HR and Sales professionals to implement sales incentive programs and safety incentives to retain employees, and loyalty programs to build customer relationships. Visit the website at http://StrategicIncentives.com to download a complimentary PDF of “35 Ways to Use Incentive Programs.” “Like” the Facebook page to receive regular updates on sales incentives and promotional ideas. Call 888-686-8116 for more information on creating an in-depth performance improvement plan.
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